Oregon Real Estate Exam PSI Questions Latest

Oregon Real Estate Exam (PSI) Questions Latest Update - 335 Exam Questions with 100% Verified Correct Answers with Guaranteed A+ Verified by Professor

A broker cannot collect a commission if... - CORRECT ANSWER: There is not a written, signed listing or fee agreement that provides an adequate description of the property (address)

A commitment is? - CORRECT ANSWER: Document from a mortgage lender stating

that the lender will be loaning the purchaser/borrower the necessary funds

Another name for an easement is? - CORRECT ANSWER: Right of way

As a real estate agent can you advertise your own property without your principal broker's approval? - CORRECT ANSWER: Yes, as long as the home is not listed with the principal broker

Branch Office - CORRECT ANSWER: Business location other than the main office

Can a listing contract have an open expiration date? - CORRECT ANSWER: No, for a listing agreement to be valid it must contain a specific expiration date

Can a principal broker maintain more than one office location? - CORRECT ANSWER: Yes, there must be one designated main office and everything else is considered a branch office. All must be identifiable with proper signage outside each location.

Can a real estate agent advertise a property with verbal confirmation from the property

owner? - CORRECT ANSWER: No, a real estate agent must have WRITTEN

permission from the property owner to be able to advertise the property. 1 / 4

Can a real estate licensee represent both the buyer and seller in the same real estate

transaction? - CORRECT ANSWER: YES, under a disclosed limited agency agreement

with written permission from both the seller and buyer

Concurrent ownership - CORRECT ANSWER: Property ownership can be shared by

more than one person.

*TIP: The of C in the word Concurrent as in C for "Couple"

Continuing Education instrusctors must have what to teach real estate classes? -

CORRECT ANSWER: 6 years real estate experience or a bachlor's degree with two

years experience working as a broker

Continuing education requires what? - CORRECT ANSWER: Principal brokers &

brokers are required to complete 30hours of continuing education each 2year license cycle

Your first renewal must include 3hour law & rule required course aka (LARRC) & 27hours broker advanced practices course

Designated clients trust accounts - CORRECT ANSWER: Property managers or

principal brokers who engages in rental real estate shall open and maintain in Oregon one or more federally insured bank accounts known as disignated clients trust accounts

Disclosed Limited Agency means? - CORRECT ANSWER: Same as Dual Agency,

representation of the buyer and the seller or two buyers occurs within the same real estate BUSINESS - not to get confused with same broker

Does a booth in a mall providing information on listings have to be registered with the

real estate agency as a branch office? - CORRECT ANSWER: Yes, any location or

place in which real estate activity is being conducted must be registered. 2 / 4

Does a real estate agent have to present ALL offers to the seller? - CORRECT

ANSWER: YES, agent must present all written offers, notices, and other written

communications in a timely manner regardless if the seller is subject to a contract for sale or the buyer is already a party to a contract for purchase.

Does the duty a real estate agent owes to their principal of confidentiality end after the

agency relationship ends? - CORRECT ANSWER: NO, confidentiality survives the

ending of an agency relationship. A broker may not reveal information received from a client even after that client stops being the broker's client.

How long can a broker temporarily supervise due to the absence of the principal broker? - CORRECT ANSWER: 90 days, with written authorization and broker accepts in writing the effective & termination date. The broker must also have 3years of active real estate experience.

How long does a licenses have after a principal broker dies to transfer their license? -

CORRECT ANSWER: 30 Calendar days, before the license automatically becomes

inactive

How long does a real estate agent have to present an offer to the seller? - CORRECT ANSWER: There is not a standard time but it is said "As timely as possible"

How long must real estate documents be kept? - CORRECT ANSWER: 6 years, from

the date the transaction was accepted, rejected, or withdrawn

How long must you keep attendance & continuing education records? - CORRECT

ANSWER: 3 years, All other records regarding business are kept for 6 years

How long until earnest money needs to be deposited? - CORRECT ANSWER: 3

banking days

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How many consecutive years of non-use of water does one lose their water rights in Oregon? - CORRECT ANSWER: 5 consecutive years, the right is considered forfeited

How must a main office or branch office be disignated? - CORRECT ANSWER: With a

sign that contains the name under which the real estate licensee conducts real estate activity

If a broker is to close a real estate transaction what must first happen? - CORRECT

ANSWER: Have written authorization from the principal broker and be under the

principal broker's direct supervision.

If a real estate agent is selling their own home and wants to advertise it, do they still need approval from their principal broker for the advertising? - CORRECT ANSWER: No, review or approval is NOT required if a licensee is advertising their own property for sale, exchange or lease option, as long as the property is not listed with their principal broker. ... If the property is listed with the principal broker, all advertising, even by its licensee owner, must be reviewed and approved.

If a vacant lot is purchased on a land sale contract, how many days does the purchaser

have to cancel the contract? - CORRECT ANSWER: 3 business days

If nothing is in writing saying an escrow agent or an attorney is to close the transaction,

what must happen? - CORRECT ANSWER: The principal broker must close the

transaction

In Oregon, the time of possession for adverse possession is? - CORRECT ANSWER:

10 Years

In the principal brokers absence he may assign a broker to temporarily supervise. The authorizing principal broker must file what to end the authorized broker before the

agreed upon termination date? - CORRECT ANSWER: Amend Authorization Before

Termination Date

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